We have seen plenty of column inches around what AI will do to transform our industry but, as shown both in our own research last year and that conducted by L&G, there are still many advice firms that don’t even have a standard CRM system. Plus, many of those that do tend to read the press and ask us which is the best one on the market.
So, to explain the headline: how can choosing a washing machine have any relevance to choosing and buying a CRM? Talking to my team about the above challenge recently, one of them – who will remain nameless – came up with that analogy!
They recently needed to replace their washing machine and went into a well-known retail store.
They were greeted by a lineup of 10 different models and didn’t know how to begin to narrow down the choice. On first viewing, they all would do the basics of washing their clothes, but all of them had a range of specialist functionality – prewash, delicate cycles, quick spin, etc.
Which one did they choose?
They broke it down and made a list of what was most important to them, what they needed and didn’t need in the machine. They realised some of the functions looked good on paper, but there were ones they didn’t really need. A heavy-duty wash is fine to clean the U12s’ football team kit, but is it essential for standard washing?
Now for the tenuous link to make a funny headline. Advisers face a similar predicament when choosing a CRM; there are dozens of options in the market, all of which will get you from A-Z on a mortgage case, but they too all have different features and benefits that are part of the pitch.
MAKE A LIST
So, my first tip is to make a list of what is most important to you when choosing a CRM. How do you run your business? How do you want to interact with your clients? And then use this as part of your question set.
Once you have your list, compare it to the features and benefits offered by the CRM providers to see if there is a match. If you ask the provider to carry out a demonstration, provide them with your list of requirements in advance. There is nothing worse than hearing about a new feature the provider is raving about if it isn’t in your list of needs.
Here are just a few of the areas you might want to consider when compiling your list:
- What integrations do you require – Sourcing, GI, Protection, Conveyancing?
- How well will the software fit into your current sales process?
- Does it have a client portal?
- Is there a lead generation function?
- Is there a marketing function?
- Does the CRM enable you to run the reports required to operate your business?
- Can you have personalised functionality and, if so, is it chargeable?
- How easy is data migration from your current system?
- Is everything all in one place?
- What is the cost compared to the functionality.
- Are you tied in?
This is not an exhaustive list, and we have produced a more detailed guide to help our member firms consider the most important factors when choosing a CRM.
To complete the washing machine story (as I know you all want to know what they bought,) once they had their list of requirements and compared it to the features and benefits of the various models, they narrowed it down to a short list of two. They couldn’t, of course, ask for a demo in this instance, but what they did go away to research more and to read customer reviews on the models. Advisers can do a similar thing by asking the CRM provider for testimonials and for a demo or even a trial in some instances.
One other tip is to consider who you want involved in the decision-making process. We suggest as well as the business owner, a combination of advisers, administrators and compliance staff are consulted. These are the coal-face users who will be your key stakeholders.
The need for AI is there but we need to ensure we all have the basics in place first.
